AvalonBay Communities, Inc. AVB has been downgraded by Keefe, Bruyette & Woods to Market Perform as the stock is up approximately 20% since mid-May and KBW feels its time for investors to take profits.
KBW views AVB as a core holding and expects above-average core growth over the next few years as AVB's full vaulation is currently the cause of the downgrade.
New price target is $117, with a 9% potential return, while NAV and EPS estimates remain unchanged, for now.
AvalonBay Communities, Inc. closed yesterday at $110.39.
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Posted In: NewsGuidanceDowngradesAnalyst Ratingsavalonbay communitiesFinancialsKeefe Bruyette & WoodsResidential REIT's
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